為什麼GameStop（GME）股票在確認其第一個比特幣（BTC）購買後跌幅20％

建立戰略比特幣儲量的趨勢通常會立即使公司受益，最著名的是股票價格上漲。但這不是GameStop的股票發生的事情。

The trend of companies establishing strategic Bitcoin reserves has often benefited them immediately, most notably with an increase in their stock prices.

建立戰略比特幣儲量的公司的趨勢通常會立即受益，最著名的是股價上漲。

However, that wasn’t the case with GameStop (NYSE:GME) and its stock.

但是，GameStop（NYSE：GME）及其股票並非如此。

The price of the stock has dropped by 20% since the company confirmed its first Bitcoin purchase on May 28.

自該公司確認5月28日首次購買比特幣以來，該股票的價格下跌了20％。

So why did the market react so negatively to GameStop’s move?

那麼，為什麼市場對GameStop的舉動如此負面反應呢？

Why Investors Responded Poorly to GameStop's Fundraising

為什麼投資者對GameStop的籌款作用反應不佳

In late May, GameStop drew attention by spending $513 million to buy 4,710 BTC. This marked a bold step for the company to diversify its portfolio. It became the 13th-largest public holder of Bitcoin.

5月下旬，GameStop花費了5.13億美元購買4,710 BTC，引起了人們的注意。這標誌著該公司使其投資組合多樣化的大膽一步。它成為比特幣的第13大公共持有人。

Later, the company announced a plan to offer $1.75 billion in senior convertible notes privately. This move is expected to strengthen GameStop’s capital base. But the announcement did not say what the company would use the funds for.

後來，該公司宣布了一項計劃，私下提供17.5億美元的高級可轉換票據。這一舉動有望加強GameStop的資本基礎。但是該公告沒有說公司將使用這些資金來做什麼。

Many investors assumed that the new capital might go toward further Bitcoin purchases. After the announcement, GameStop’s stock dropped 6%, falling from over $30 to $28.50.

許多投資者認為，新資本可能會用於進一步的比特幣購買。宣布後，GameStop的股票下跌了6％，從30美元以上下降到28.50美元。

From the price on May 28—the day GameStop revealed its Bitcoin acquisition—the stock has declined by 20%.

從5月28日的價格（GameStop揭示其比特幣收購）起，該股票下跌了20％。

The Q1 2025 earnings report from GameStop added to the pressure. The company reported a 17% year-over-year revenue drop, falling short of analyst expectations.

GameStop的第一季度2025收入報告增加了壓力。該公司報告說，同比收入下降了17％，沒有分析師的預期。

“Net sales were $732.4 million for the period, compared to $881.8 million in the prior year’s first quarter,” the company said in its report.

該公司在報告中說：“該期間的淨銷售額為7.324億美元，而上一年的淨銷售額為8.818億美元。”

This lackluster performance and the uncertainty over the raised capital have dampened investor enthusiasm for GameStop’s stock.

這種乏味的表現和對籌集資金的不確定性抑制了投資者對GameStop股票的熱情。

In contrast to GameStop, Metaplanet’s shares soared by 5,000% following an ambitious Bitcoin treasury strategy. A positive earnings report bolstered this stock rally. It highlights the importance of Bitcoin accumulation and new revenue growth to sustain the stock’s upward momentum.

與GameStop相反，在雄心勃勃的比特幣國庫策略之後，Metaplanet的股票飆升了5,000％。積極的收入報告加強了這一股票集會。它強調了比特幣積累和新的收入增長的重要性，以維持股票的向上勢頭。

GameStop’s current situation reflects the tension between its ambition to innovate and the pressure from traditional markets. Accumulating Bitcoin could lead to major gains if the crypto market surges. However, it also exposes the company to risk, especially as investor trust erodes.

GameStop的當前情況反映了其對創新的野心與傳統市場的壓力之間的張力。如果加密貨幣市場激增，累積比特幣可能會帶來重大收益。但是，這也使公司面臨風險，尤其是隨著投資者信託的流行。

Recently, Sygnum warned that Bitcoin acquisition vehicles relying on leveraged risk could cause market instability. Such strategies could trigger liquidations and even insolvencies.

最近，Sygnum警告說，依靠槓桿風險的比特幣採集車可能會導致市場不穩定。這樣的策略可能會引發清算甚至破產。